The details

Fees

Interest Rate Options

(London Inter-Bank Offer Rate) This is the interest rate that London banks charge each other for loans, which is then used as a benchmark rate for banks all over the world. If you have an adjustable interest rate, the LIBOR may be the interest rate index that your lender uses to determine your interest rate. When LIBOR goes up, your rate will rise along with it, if you have an adjustable rate on your loan.

plus 2.50%.1

Actual interest rate is based on credit, presence of a co-signer and repayment option chosen.1

Students are encouraged to apply for a private student loan with a qualified co-signer to increase chances of receiving the lowest rate possible.

Money Saving Benefits

Ways to save:

You will be eligible for a 0.25 percentage point interest rate reduction on a new TruFit Student Loan if you or your co-signer (if applicable) has a TruFit Student Loan or qualifying account in existence with us at the time of application submission.2

During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate.2

All together, you could save up to 0.50 percentage points on your loan.

Repayment Options

Choose the repayment option that best meets your needs. We recommend that you pay off your balances as quickly as possible to reduce the overall cost of your loan.

Pay Immediately:
Make principal and interest payments while in school.

Pay Interest Only:
Make interest-only payments while in school.
This will reduce the total interest you pay on your loan.

Deferred Payment:
Make no payments until six months after graduation or after you leave school or drop below half-time status.

Term Options

Choose the time period to repay your loan:

5 year term:
Offers lowest rates and lowest total cost of borrowing.

10 year term:
Offers lower rates and moderate savings on total cost of borrowing.

15 year term:
Offers lowest monthly payment.

No matter which term you choose, you can always make additional payments without penalty. This lets you pay off your loan faster and saves you money.

Disbursement

We'll send your loan funds directly to the school you're attending.

Who's Eligible?

To qualify for a TruFit Student Loan, you need to:

Be a U.S. citizen or permanent resident.

Be enrolled at least half time in a degree-granting program at an eligible institution.

Have good credit or have a qualified co-signer.

Have attained the age of majority in your state of residence or if you have not met the age of majority in your state of residence, a co-signer will be required.

International students can apply with a creditworthy U.S. citizen or permanent resident co-signer.

Co-signer Requirements

For students with little or no credit history, we strongly suggest that you apply with a qualified co-signer to increase your chances of being approved. A qualified co-signer may also help you secure a lower interest rate.

Co-signers can now start the loan application online.

After 36 consecutive, on-time principal and interest payments, a co-signer may apply for release from the loan.3

How to apply

Fill out the fast, easy online TruFit Student Loan application. You can even e-sign. 4

For students with little or no credit history, we strongly suggest that you apply with a qualified co-signer to increase your chances of being approved. A qualified co-signer may also help you secure a lower interest rate.

Co-signers can now start the loan application online. And after 36 consecutive on-time principal and interest payments, a co-signer may apply for release from the loan.3

You may borrow up to the maximum qualified loan amount or the total cost of education, whichever is lower. The TruFit Student Loan does have lifetime aggregate limits (including both federal and private loan debt) of:

Yes. Our TruFit Student Loan can be used to help pay for your indirect costs while you are enrolled in school. The maximum you can borrow each year is determined by your individual school through certification.

To apply for the TruFit Student Loan, all you need to do is fill out the quick and easy online application. Before you apply, make sure you have the following items available so you can easily complete your application:

Name, address, phone number, email address

Date of birth

Social Security Number

Driver’s license number

Gross monthly household income (borrower and co-signer)

Employer name, phone number and length of employment (if applicable)

Monthly rent or mortgage payment (if applicable)

Name of school you plan to attend

School’s Department of Education code

Cost of attendance and any financial aid received (see award letter from your school)

Anticipated graduation date (MM/YYYY)

Private college loan amount requested

Loan period (MM/YYYY to MM/YYYY)

Co-signer name and valid email address (if applicable)

Remember, students are encouraged to apply with a qualified co-signer to increase their chances of receiving the lowest rate possible.

If you apply for a private student loan on your own, without a co-signer, and are denied, it's probably because you have an insufficient personal credit history, as is typical for a student. You'll simply have to find a qualified co-signer, such as a parent or other guardian, and re-apply.

Repayment Examples

Fixed rate loans

Immediate Repayment

With immediate repayments, you pay the lowest cost overall. That's because both principal and interest payments begin one month after your loan is disbursed.

Interest Only Repayment

Interest Only Repayment

With interest-only repayment, you pay only the accrued interest on the loan while you're in school, rather than letting it increase until after graduation. This option lowers the total cost of the loan compared to the full in-school deferment option. Full principal and interest payments begin six months after graduation, or if you fall below half-time status.

Deferred Repayment

Deferred Repayment

Deferred repayment offers the convenience of no payments if you're enrolled in school at least half time. Payments begin six months after graduation or if you fall below half-time status, which makes it the best option for students who can't pay for their loan while in school.

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Variable rate loans

Change Term:

Amount to Borrow:$10,000 / 15 years

Immediate Repayment

Immediate Repayment

With immediate repayments, you pay the lowest cost overall. That's because both principal and interest payments begin one month after your loan is disbursed.

Interest Only Repayment

Interest Only Repayment

With interest-only repayment, you pay only the accrued interest on the loan while you're in school, rather than letting it increase until after graduation. This option lowers the total cost of the loan compared to the full in-school deferment option. Full principal and interest payments begin six months after graduation, or if you fall below half-time status.

Deferred Repayment

Deferred Repayment

Deferred repayment offers the convenience of no payments if you're enrolled in school at least half time. Payments begin six months after graduation or if you fall below half-time status, which makes it the best option for students who can't pay for their loan while in school.

1 Variable rate, based on the one-month London Interbank Offered Rate ("LIBOR") published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of February 1, 2015, the one-month LIBOR rate is 0.17%. Variable interest rates range from 2.67% - 9.42% (2.67% - 9.17% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-signer. Fixed interest rates range from 5.75% - 11.75% (5.76% - 11.51% APR) based on applicable terms, degree selected and presence of a co-signer. Lowest rate requires application with co-signer, 5 year repayment term, and borrower making scheduled payments while in school. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. You will be presented with an Application Disclosure and an Approval Disclosure within the application process before you accept the terms and conditions of your loan.

2Interest rate reduction of up to 0.50 percentage points is possible with the following discounts:Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on a new TruFit Student Loan if the borrower or co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and co-signer (if applicable) have submitted a completed application authorizing us to review the credit request for a TruFit Student Loan. The following are qualifying accounts: checking accounts, savings accounts, money market accounts, certificates of deposit, automobile loans, home equity loans, home equity lines of credit, mortgages, credit card accounts, Education Refinance Loans or TruFit Student Loans. This discount will be reflected in the interest rate disclosed in the Approval Disclosure that will be provided once the loan is approved. There is a limit of one loyalty discount per loan, and the discount will not be applied to prior loans. The loyalty discount will remain in effect for the life of the loan.

ACH Benefit: During periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from any bank account you designate. Benefit is not available when payments are not due, such as during deferment or forbearance or during periods where you have cancelled automatic deductions. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, you will no longer be eligible for this benefit.

3 TruFit Student Loan® borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest-only payments do not qualify. The student borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. If the Lender has provided a forbearance on the loan, then the loan is not eligible for co-signer release. The student borrower applying for co-signer release must be a U.S. Citizen or Permanent Resident. If an application for co-signer release is denied, the student borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

4TruFit Student Loan: Students must be enrolled at least half-time in a degree-granting program at an eligible institution. Students must be a U.S. citizen or permanent resident or an international student with a creditworthy U.S. citizen or permanent resident co-signer. For students who have not attained the age of majority in their state of residence, a co-signer will be required. Citizens Bank reserves the right to modify or discontinue these benefits at any time. Any changes to these benefits will not affect loans issued prior to the change date. Rates subject to change. TruFit private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and – if applicable – self-certification form, school certification of loan amount, and student’s enrollment at a TruFit-participating school.